Money Canada home price growth cools in August as Toronto declines

16:40  13 september  2017
16:40  13 september  2017 Source:   Reuters

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Home price growth might decelerate in most large Canadian cities west of Ottawa, report says. The unsmoothed subindex for homes other than condos in Toronto declined 1.6 per cent last "While the year-ago growth rate will cool on base effects going forward, it's the trend in month-ago rates that

A cooling not a crash… It is also important to stress that by ‘ cooling ’ (or ‘soft landing’) we mean a moderate and controlled decline in home resales of In other words, valuation concerns in Canada in effect are primarily about the elevated prices of single-detached homes in Vancouver and Toronto .

The pace of Canadian home price growth slowed in August as prices in Toronto dropped for the first time in 19 months as sales in the city have declined following provincial government efforts to rein in the market.

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Toronto home sales plunged almost 35 per cent in August: TREB

  Toronto home sales plunged almost 35 per cent in August: TREB The Toronto Real Estate Board says the number of residential properties sold in August was down 34.8 per cent from the same month last year, but the average price was up modestly.The average price for all home types was $732,292, still up three per cent from August 2016, but down from July’s average of $746,033.That makes August the fourth month in a row that the Toronto-area average home price has fallen since hitting a record $919,086 in April.In April, the Ontario government introduced more than a dozen measures — including a 15 per cent tax on foreign buyers — aimed at improving home affordability.

Toronto drives Canadian home sales to 10-month high. Canada ’s house price growth continued in the second half of 2016, according New listings were down in about 60 per cent of all local markets, with sizeable declines in B.C.’s Lower Mainland, Calgary and the Greater Toronto Area (GTA).

China’s home price growth slowed in July, with Beijing declining for a second straight month, reinforcing expectations that property price growth may stagnate over the course of the year.

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The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices rose 0.6 percent last month from July, less than the August average of 0.7 percent.

Condominiums surround the landmark CN Tower in Toronto© REUTERS/Chris Helgren Condominiums surround the landmark CN Tower in Toronto

In Toronto, Canada's largest city, prices were down 0.4 percent, the first decline since January 2016. Price weakness was seen in particular among homes other than condominiums, such as single-family homes, the report said.

Toronto prices were up 23.9 percent compared with a year ago, though that was still a moderation from the 28 percent annual increase seen in July.

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The MLS Home Price Index (HPI) for Canada rose 4.95 per cent year-over-year in March. Prices rose by 0.5 per cent in Greater Montreal and declined by 4 per cent in Regina. What Canadian real estate markets should investors look to now that Toronto ’s cooling ?

Thanks to an “upward drift” in mortgage rates, home sales in Canada ’s two red-hot housing markets will cool this year — albeit TD bank forecasts home sales in Toronto and Vancouver will decline this year from very high levels. Home price growth will slow to 4 per cent in Toronto this year, from 14

Sales have declined in Toronto since the Ontario government in April imposed a number of measures to address concerns of affordability in Toronto and surrounding areas, including a foreign buyers tax.

Monthly prices in nearby Oshawa and Barrie declined 2.2 percent and 0.7 percent, respectively, while Hamilton was up 0.6 percent.

In Vancouver, where the province of British Columbia implemented its own foreign buyers tax last year, prices were up 2.4 percent, putting the index at a fresh peak.

Although the tax initially dampened activity in Canada's most expensive real estate market, sales and prices in Vancouver have been heading back up.

(Reporting by Leah Schnurr; Editing by Lisa Shumaker)

5,712 asylum seekers crossed Canada-U.S. border in August .
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